Entries in ZTE
(12)

Growing up in the People’s Republic of China, I often heard the proverb, “water that is too clean has no fish.” Sadly, the adage is a rationalization for corruption. It claims that ethical business doesn’t yield profits.

As reported on the FCPA Blog on June 7, in the Commerce Department’s announcement of its settlement with ZTE Corporation, it referred to a requirement for ZTE to “retain a team of special compliance coordinators selected by and answerable to” the Commerce Department for ten years.

Commerce Secretary Wilbur Ross said a deal the Administration has reached with China's ZTE to restore its U.S. trading rights includes creating a new compliance department that's staffed with American compliance officers.

China's ZTE Corporation agreed Tuesday with the DOJ and two other agencies to pay $892 million for knowingly shipping dual-use telecoms equipment to Iran for six years and lying to cover up the trade offenses.

Chinese President Xi Jinping and his Sri Lankan counterpart Mahinda Rajapaksa witness the signing of the Colombo Port City Project in September 2014 (Image courtesy of CCC)Sri Lanka this month became the latest of at least five countries to shut down huge China-backed infrastructure and telecoms projects tainted by allegations of corruption.